Is your Gloucester, MA house in foreclosure or facing foreclosure right now?
A lot of people going through the Massachusetts foreclosure process want to get out from under their burdensome property and wonder if they can sell the house even when it is currently in foreclosure. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to foreclosure. Generally, the sooner you start looking for a buyer, the better.
Can I Sell My House in Foreclosure in Gloucester? – How it works
Many property owners in Gloucester have faced foreclosure in the past few years. Since the recent economic downturn and the profusion of foreclosures on the market, a lot of banks have been shifting the way that they deal with foreclosures.
Remember that banks are not in the real estate business – banks only foreclose on your home as a last resort. They don’t want to own real estate – they just want to collect money on real estate loan payments. They actually lose money in a foreclosure.
Thus, the bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property. If you can sell the property and give the bank back the money they are owed – they will be thrilled!
In most cases, the more equity you have in the property, the better. But even if you have very little equity a company like ours may be able to help.
Dealing with banks during any part of the foreclosure process can be a huge pain. Luckily, there are people (like us) can help you negotiate with the bank to make it easier for you.
How to Work With MA Banks During The Foreclosure Process
- Communicate plenty with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold. This shows them that you are proactive and want to reach a win-win scenario for both sides.
- Don’t miss deadlines. If anything will be late, call with advance notice. Again, be proactive with communication.
- Remember that the people working at the bank are people too. Don’t be annoying, overly dramatic, or unhelpful. Demonstrate your willingness to fix the problem, and they will be appreciative (and hopefully, in turn, make it easier for you).
- Keep careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made. This will help you if the bank tries to pull a fast one on you (or just makes a mistake) later down the road. It will also help for you to answer your own questions and keep track of what is likely a long and complicated process.
- Explore all your options. These include short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort (it is often possible to delay foreclosure auctions for months). In addition, each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Time is not on your side. The further behind you become on payments, the fewer options are available to you. It is much harder to sell during the last week of foreclosure than selling during the first week!
There is also another option – if your situation is right, you can sell your house to cash buyers like us. We can get the money to the bank to end the foreclosure fast and get you away from a bad house situation – you’ll probably put some cash in your pocket too!
We specialize in helping homeowners in difficult situations around Gloucester and throughout the state of Massachusetts.
One of these situations is foreclosure, where in some circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Gloucester MA, we can help you.
We buy houses like yours from owners who need to sell fast.